Trimble Announces Third Quarter 2024 Results

FTRMB

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In millions, except per share data)

(Unaudited)



Third Quarter of


First Three Quarters of


2024


2023


2024


2023

Revenue:








Product

$          307.6


$          444.0


$          995.1


$       1,368.9

Subscription and services

568.2


513.3


1,704.8


1,497.4

Total revenue

875.8


957.3


2,699.9


2,866.3

Cost of sales:








Product

160.7


215.6


544.7


665.7

Subscription and services

120.6


123.8


365.4


364.2

Amortization of purchased intangible assets

18.9


27.7


74.7


80.9

Total cost of sales

300.2


367.1


984.8


1,110.8

Gross margin

575.6


590.2


1,715.1


1,755.5

Gross margin (%)

65.7 %


61.7 %


63.5 %


61.2 %

Operating expense:








Research and development

155.6


162.5


487.3


496.6

Sales and marketing

147.1


146.2


436.4


436.9

General and administrative

127.6


117.2


410.4


369.2

Restructuring

2.4


11.8


14.1


26.1

Amortization of purchased intangible assets

26.5


31.2


79.7


74.8

Total operating expense

459.2


468.9


1,427.9


1,403.6

Operating income

116.4


121.3


287.2


351.9

Non-operating (expense) income, net:








Divestitures (loss) gain, net

(22.6)


5.5


1,695.0


10.6

Interest expense, net

(14.1)


(46.8)


(77.4)


(113.2)

(Loss) income from equity method investments, net

(0.6)


5.2


9.3


24.6

Other (loss) income, net

(6.0)


(5.8)


(6.0)


23.6

Total non-operating (expense) income, net

(43.3)


(41.9)


1,620.9


(54.4)

Income before taxes

73.1


79.4


1,908.1


297.5

Income tax provision

32.5


4.5


493.9


49.2

Net income

$            40.6


$            74.9


$       1,414.2


$          248.3

Earnings per share:








Basic

$            0.17


$            0.30


$            5.76


$            1.00

Diluted

$            0.16


$            0.30


$            5.73


$            1.00

Shares used in calculating earnings per share:








Basic

245.6


248.6


245.4


248.0

Diluted

246.9


249.7


246.9


249.1


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